On May 5, Rep. Carolyn B. Maloney (D-N.Y.) introduced the Student Loan Forgiveness for Frontline Workers Act, which would forgive the loans acquired to receive medical and professional training of medical workers directly involved in COVID-19 patient care.
From now until Nov. 1, Cornell students will have another place to complain about their college experience besides their friend group chats and social media. The New York State Senate is hosting a series of open public forums across the state to collect comments for future higher education legislation.
The student debt crisis is eminent and equal to the mortgage crisis in 2007. In “Condemning Students to Debt,” by Richard Fossey, “Generation Debt” and “DIY U,” by Anya Katamentz, and “Is College Worth it?” by Secretary William Bennet, the authors investigate the market failures regarding the student debt crisis. Federal legislation must eliminate imperfect information, fix the principal-agent problem, establish greater accountability, utilize massive open online courseware, invest in public libraries, reestablish bankruptcy for student loans, lower interest rates and strengthen student success. National Student Loan Data System reports $1.3 trillion dollars in Federal student debt outstanding, and the Consumer Finance Protection Bureau reports more than 150 billion dollars in private student debt outstanding. Federal Reserve Bank of New York Consumer Credit Panel reports 43.3 million people have student debt with an on average loan balance of $26,700.
To the Editor:
Both private and public college tuition costs have increased exponentially since I attended Cornell in the early ’70s. Sen. Bernie Sanders (D-Vt.) thinks it’s outrageous that today’s students will be saddled with huge student loan debts, sometimes as high as $100,000. He advocates a tax on Wall Street speculation that will enable public colleges and universities to offer tuition-free education, and he’s fighting to significantly reduce student loan interest rates. In addition, Bernie has consistently voted to raise funding for public schools and to reduce class sizes. Bernie’s proposals show ingenuity and a concern for the ability of working class students to obtain a good education.